“My sister has been trying to sell her lovely character home albeit on a busy street for months now in the epic center [sic -ed.] of asian lust, Richmond, BC. Very few calls and no offers. Two price reductions and counting. I’ve told her to take the nearest reasonable offer, but nothing yet. I fear they will be stuck with this place for a lot longer. Fortunately they paid about 25% less than the current listing price, but it looks like if they really want to sell, they’ll be be lucky to walk away with much in the way of profit…. BTW, listing is still over 1 Mil.”
- JW at greaterfool.ca 9 Mar 2012 at 11:05pm
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- “My best guess: this property is now an ‘investment hold’ and will be built ‘when prices recover’. Good luck on that!”
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- Advice Regarding Renting In Vancouver, Please – “Unfortunately, the Vancouver rental stock is absolutely atrocious. It just seems like every landlord is looking for someone to pay 100% of their mortgage on a crappy place through rental income.”
- “I just visited Manhattan for a week, and happened to snap some real estate ads on both the Upper West and Upper East sides of the island. Compare to Vancouver. It simply doesn’t compute.”
- Ben Rabidoux In Vancouver Next Week
- “The mortgage company told me they were calling in my 40-year, 0-down mortgage. I have paid nearly sixty thousand dollars towards it, but, nearly five years in, I have yet to touch the principal.”
- ‘Vancouver City Hall: Housing Report Card 2012′; Plus Revised Version
- “My folks find themselves at 65 still owing half the value of their home and recreation property to the bank. After almost 30 years of ownership in the BPOE and a number of boom markets, they have very little to show for it.”
- “Rent for $2,200 a month or buy and have a mortgage of $4,310 per month. Why would anyone buy?”
- “They were talking about two couples they knew who had recently bought a lot and planned to each build a house on it and live as neighbours.”
- Greater Vancouver Home Builders’ Association Annual First-Time Buyer Seminar Attendance Plummets
- Mom and Pop Get It Wrong In All Markets, Time And Again
- The average British Columbian homeowner is not going to pay off their mortgage by the time they retire.
- “He’s sold all his properties except his current one, which is now for sale. He explained that the market’s currently in crash mode, worst that he’s ever seen.”
- “One of my old high school buddies finally got her mother to sell the family home in Kitsilano – sold for over $1M, monies realized after debt paid off $185K.”
- “I know someone who just declared bankruptcy because her condo was assessed at $150k and she bought it presale north of $250k in 2005 or 2006.”
- Sturdy, With Views – “Calling Froogle Scott!… Is Dr. Scott ‘In The House’?” [Not In This One, Certainly]
- “She said the market was dead in Victoria and that it would remain so for a very long time. I asked how she knew. Her answer was fascinating and should scare the pants off the real estate crowd.”
- Kits Notes – “I’m pretty sure that this is the first 3+ bedroom property of any type that I’ve seen in the 5 years I’ve lived here that is priced below $700K.”
- “A beautiful Belfast home, in the equivalent of 1st Shaughnessy, bought at their RE peak in 2007 for £3.5 million, has now sold for £800K, almost 80%-off. The market didn’t suffer any significant economic shocks. Rates & unemployment didn’t skyrocket. They didn’t build more land. Sentiment just changed and the prices fell and fell.”
- “Two family members of hers are trapped, underwater, in condos on the East Side.”
- “Interprovincial migration is not saying good things about BC’s economy.”
- Vancouver RE: Not As Expensive Provided You Don’t Think – “It’s clear that our perception of affordability has been coloured by living on a continent where housing is unusually inexpensive.”
- More Undisclosed RE Industry Insiders Publicized As Clients – “In 1995, Allan and Karin Hoegg were mortgage-free. But no more. Today their Vancouver home is a valuable source of income as they plan for full retirement.”
- Rumor that some OV units will be reduced by 20%.
- Downside Weights On The Vancouver RE Market – “One of the older guys (over 60) mention to the guy beside him that he and his wife were thinking about selling their family home, and renting, in order to get some of the money that was locked up in the house.”
- “My buddy was looking to upgrade to a house in the Coquitlam area. With 200k extra for a home, that’s half of lifetime saving between him and his wife.”
- “I was walking in the Fraser neighborhood yesterday, I noticed that the population, on average, seem to be composed of workers. I belong to the top 5 percent in terms of income. Nevertheless, I cannot afford any of the houses for sale in that neighbourhood.”
- “Vancouver is an urban resort whose value mostly resides in its real estate and not much else.”
- “Rogers Communications is expanding into RE; aiming to relaunch website; providing critical data that can help potential buyers assess the value of a property from the comfort of their home computer.”
- I’m only 50 and I can just about retire if I want to, all because of a single simple decision – “When prices rebounded to their former highs, then rocketed another 30% higher to what I considered to be totally unsustainable levels, I decided that only a fool would pass up a second opportunity to harvest such a massive non-taxable capital gain, and in 2011 I sold my place.”
- The Vacant Lot of Versailles, Richmond.
- “I don’t think that most people think things are going to crash, just that there is going to be a slight correction, but it was amazing to me how sentiment has changed, and the fact Vancouver RE is too high was just understood.”
- “The ‘investor’ who purchased our house put it up for sale two months later, in January 1981, but the bubble had burst.”
- For A City To Have That Kind Of Vacancy, It’s Like Cancer – “Downtown, the vacant unit rate is so high that it’s as though there were 35 towers at 20 storeys apiece – all empty.”
- “What’s the worst that can happen? You can’t pay your mortgage, so sell your house! No fear.”
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An indication of a real estate market in distress? Several foreclosure sales in Metro Vancouver listed on Craigslist:
North Van penthouse foreclosure sale for just under a million: http://vancouver.en.craigslist.ca/nvn/reb/2892144722.html
Maple Ridge townhouse for a quarter million, subject to court approval:
http://vancouver.en.craigslist.ca/van/reb/2890199799.html
Port Moody condo court ordered sale 355k:
http://vancouver.en.craigslist.ca/pml/reb/2881397393.html
Surrey townhouse court ordered sale 279k:
http://vancouver.en.craigslist.ca/rds/reb/2895348713.html
Surrey foreclosure by private lender, assessed for 749k looking to get 659k:
http://vancouver.en.craigslist.ca/rds/reo/2840518283.html
Where are the Vancouver foreclosures?
Asians don’t like character homes. They like new and big
address?
Looking to flip?
“Fortunately they paid about 25% less than the current listing price”
So they bought it in 2009? No sympathy here.
“I’ve told her to take the nearest reasonable offer, but nothing yet.”
That’s because the nearest “reasonable” offer is several hundred thousand below asking.
(More like 2010 I suspect, or the gain would be even bigger.)
This would be developer central. Current prices make a “character” home, as they say in Japan, “difficult”.
“we have to accept that any piece of property is worth exactly what someone is willing to pay for it”
until it or similar is resold … will forward wisdom to pets.com stockholders – they can now get recover losses and get profitable by reselling to each other for higher prices.
What are they going to do when they do eventually sell?
Buy an even more expensive place?
Out of frying pan and into the fire.
Why not just hold it and live in it? Nothing wrong with that!
until neighbor gets theirs at half price. tried and tested china – it’s a riot.
Homeowner: Why not just rent? Seriously, when renting is this much more affordable than buying, and while we’re clearly at a price peak, why not?
I’ve asked her on greaterfool what area of Richmond, but she didn’t reply. Where are there character homes is Richmond? Richmond is flooded with listings and condos are being built like crazy. TH’s popping up left, right, and canter. The Gatdens on Steveston and No 5 Rd is selling units with no tax. Also Orchid on Odlin is selling with no tax. Some other developments are giving away BMW 3 year leases with a purchase. Yes, times have changed for Richmond. Flippers getting stuck with million dollar homes. In Seafair, it’s so flooded, on one street I’ve counted 8 sfh for sale. My parents live in Richmond and I’ve been telling them to cash in. But being there for 13 years, they don’t care if prices drop. Even at a 50% drop, they don’t care. It’s hard to get people to sell and rent. That’s why these families will sit and sit and watch this bubble go!
Has anyone here been listening in on CBC-Radio’s “On the Coast” program? They are doing a bit on Vancouver real estate called “Priced out”. Sorry if I am repeating what you already know but I was amazed by what the guy was saying.
Here is the interview. Take a listen. The reporters name is Luke Brocki and he is obviously desiring to buy despite all the hype. Then go to the 2:50 mark and hear what a mortgage broker, Rochelle Tomlinson of Custom Mortgages is telling the interviewer who is seeking a home in the 400k range.
http://research.stlouisfed.org/fred2/series/M2V
Un-freaking-believable!!!!!!……..I feel so sorry for you guys in Van.